$STUD token

$STUD represents part of the horse's breeding career . This is a contract between the owners of the token and Part Of Dream, guaranteeing them a share in the breeding rights if the horse becomes a stallion.

The token has a different underlying depending on the horse's status:

• Before becoming a stallion, $STUD token holders have the exclusive right to use the foal as a racehorse and potential breeding stallion;

• when the horse becomes a stallion, owners of the $STUD token own the stud farm.

Holders do not own its racing career. In this way, the horse races under the contractually-defined colors of the managing partner/owner. POD contracts directly with the stables, which retain ownership of the horses and responsibility for their breeding. The horse's managing partner is defined contractually.

Each breeding career is fragmented at 1/1000th and tokenized in the form of a series of $STUD.

---

Please note: The following description of token rights applies to horses based in France and competing in trotting. Whatever the discipline, the nature of the rights linked to the token is the same, always in accordance with the jurisdiction of the haras where the horse is stationed.